Word: longer-term
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...Short-term rates--like those on credit cards, home-equity loans and adjustable-rate mortgages (ARMS)--are determined mostly by the Federal Reserve. It sets them with an eye on inflation. If the Fed fears that prices are rising too fast, it will raise rates to slow the economy. Longer-term rates, like those on a standard mortgage, are set on the open market. They are partly a bet on how well the Fed will control inflation but also reflect supply and demand. If there are lots of people with money to lend and not so many who want...
...June 29 London awoke to headlines of a thwarted terrorist attack. Gordon Brown's new government responded to the immediate crisis in a measured way. But the longer-term crisis, the phenomenon of "Islamic" terrorism, remains. To cope with it, Brown's administration will need several layers of strategic policy, including an enlightened focus on winning Muslim hearts and minds...
Despite the tensions, the uneasy state of the relationship need not augur a renewed cold war. The longer-term trends simply do not favor the more nostalgic dreams of the Kremlin rulers. For all of Russia's economic recovery, its prospects are uncertain. Russia's population is dramatically shrinking, even as its Asian neighbors are growing and expanding their military and economic might. The glamour of Moscow and the glitter of St. Petersburg cannot obscure the fact that much of Russia still lacks a basic modern infrastructure...
...Struggling for some personal space in my middle seat and sulking about the upgrade to business class that never materialized, I began to think that we've taken certain economic pains, such as gasoline prices, in stride, while longer-term ones, like the housing market, have us deeply concerned. I have another theory, also related to flying: the health of the airline industry is directly reflected by the quality and quantity of food available in flight. On that basis things are bad, really bad, but they have been for as long as I can remember. Until we're all served...
...Islam to the Syrian regime, and to see the group as a tool in the hands of Damascus to foment chaos in Lebanon and head off a U.N. tribunal that may prosecute Syrian officials for the assassination of former Lebanese Prime Minister Rafik Hariri. But there is a longer-term worry that goes beyond any possible Syrian connections-that Fatah al-Islam is one of a group of armed, extremist factions that have been spawned in the triangle of political instability from Baghdad to Gaza to Tripoli. Those groups include Iraqi insurgents, the mysterious Palestinian faction holding BBC journalist Alan...